Get pre-qualified now for today’s lowest VA home loan rates. The Department of Veterans Affairs (VA) provides home loans that are an affordable home financing option for eligible Service Members, Veterans and their surviving spouses. The VA loan often requires no down payment and has low closing costs. To qualify for a VA loan, the potential borrower must first obtain a valid Certificate of Eligibility (COE). The COE shows the length of service, duty status, commitment and character of service.
A VA renovation loan is a mortgage backed by the Department of Veterans Affairs. This mortgage allows borrowers to finance the cost of repairs or improvements along with the purchase or refinance of a house. The loan amount is based on the projected value of the home after the renovations are completed, which is determined by a VA appraisal. A VA renovation loan has the same benefits and requirements as a normal VA loan, like no down payment or mortgage insurance, and low interest rates. The renovations must be finished within 120 days of the closing.
VA Loan rates and highlights:
VA Loan Programs | VA loan rates
Are you currently serving in the military and expecting a relocation in the next few years? Then, the flexibility of an adjustable-rate mortgage (ARM) can be the right option for you. Adjustable-rate mortgages offer lower introductory interest rates that increase or decrease after the initial fixed-rate period. After that, the rate will depend on how the market fluctuates. There is generally a cap with a maximum allowable interest rate during the VA loan term.
Fixed-rate mortgages protect borrowers against rising interest rates since the rate remains the same for the entire loan term. You can select a 15- or 30- year loan. The main difference is that the 15-year option has higher monthly payments, which means you are building home equity faster. You can use equity as a future cash-out refinance, a down payment for your next home. A fixed-rate mortgage can be the answer for those who plan to stay in the house for a longer time frame.
A cash-out refinance an option to consider for those who own a home and are looking for additional money to pay for major expenses such as college tuition, home improvements, and other debt. With a cash-out refinance, the borrower can take cash out of the home’s equity. The current mortgage loan is replaced with a new loan that is more than the amount owed. You can refinance a non-VA, and an existing VA loan with a cash-out refinance.
Interest Rate Reduction Refinance Loan
An interest rate reduction refinance loan (IRRRL) can help to lower the interest rate and reduce the monthly payments by refinancing an existing VA loan. This option allows refinancing for those with an adjustable-rate mortgage (ARM) into a fixed-rate mortgage. However, you cannot receive cash from the loan proceeds with an interest rate reduction refinance loan. To be eligible the borrower must already have a VA-backed home loan.
VA Loan For Veterans and Surviving Spouses
What are VA mortgage rates? What are VA loan requirements? Questions about first time home buying?
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